Thursday, December 1, 2022

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Jeff Bezos warns of ‘recession’, urges people to make ‘smart financial’ decisions

New Delhi: A recession is approaching as the western world prepares for the holiday season. This is the time of year when Europeans and Americans spend their annual bonuses on expensive items like vacations and consumer goods.

However, Jeff Bezos, the proprietor of Amazon, the largest e-commerce site in the world, warned his fellow Americans against doing so right now. He cautioned that a recession is approaching and that individuals should make some smart financial decisions.

Looming recession

One of the world’s richest men counselled shoppers to forgo frivolous purchases in the upcoming months during an interview with CNN. He advised American households to steer clear of expensive expenditures like cars and televisions because the country’s economy is on the verge of a recession.

“If you are an individual and you are thinking about buying a large-screen TV, maybe slow that down, keep that cash, and see what happens. Same thing with a refrigerator, a new car, whatever. Just take some risk off the table,” Bezos said.

He advised small business owners to postpone planned investments in new equipment and accumulate cash reserves to weather the downturn.

“Take as much risk off the table as you can,” he said. “Hope for the best, but prepare for the worst,” Bezos made the comments in a CNN interview that aired this week.

At a time when there are significant social and political rifts in society, Bezos pledged in the same interview to donate the majority of his $124 billion fortune to organisations working to combat climate change and support people fighting to bring humanity together.

Bezos is Amazon’s executive president; he left his role as CEO earlier in the year.

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